Key Financial Performance (Consolidated)
Q2 FY27 Performance:
- Revenue from operations: Rs. 1,153 crore (↑ 3% YoY)
- Operating EBITDA: Rs. 710 crore (↑ 7% YoY)
- EBITDA Margin: 62% (↑ 2 pps YoY)
- Profit before tax: Rs. 550 crore (↑ 7% YoY)
- Profit after tax: Rs. 424 crore (↑ 11% YoY)
- Profit after tax, share of associates and minority interest: Rs. 326 crore (↑ 7% YoY)
- Diluted EPS: Rs. 9.10 (↑ 7% YoY)
H1 FY27 Performance:
- Revenue from operations: Rs. 2,228 crore (↑ 8% YoY)
- Operating EBITDA: Rs. 1,352 crore (↑ 10% YoY)
- EBITDA Margin: 61% (↑ 1 pps YoY)
- Profit before tax: Rs. 1,042 crore (↑ 13% YoY)
- Profit after tax: Rs. 818 crore (↑ 16% YoY)
- Profit after tax, share of associates and minority interest: Rs. 623 crore (↑ 14% YoY)
- Diluted EPS: Rs. 17.40 (↑ 14% YoY)
Annuity Businesses Performance
Q2 FY27:
- Revenue (Retail, Offices, Hotel and Asset Management): Rs. 1,055 crore (↑ 16% YoY)
- EBITDA: Rs. 669 crore (↑ 21% YoY)
- PAT: Rs. 391 crore (↑ 31% YoY)
H1 FY27:
- Revenue: Rs. 2,089 crore (↑ 16% YoY)
- EBITDA: Rs. 1,318 crore (↑ 20% YoY)
- PAT: Rs. 793 crore (↑ 31% YoY)
Retail Business Performance
Q2 FY27:
- Consumption: Rs. 4,685 crore (↑ 25% YoY)
- Rental Income: Rs. 605 crore (↑ 15% YoY)
- Retail Asset EBITDA: Rs. 639 crore (↑ 18% YoY)
H1 FY27:
- Consumption: Rs. 9,415 crore (↑ 28% YoY)
- Rental Income: Rs. 1,200 crore (↑ 16% YoY)
- Retail Asset EBITDA: Rs. 1,264 crore (↑ 17% YoY)
Individual Mall Performance (Q2 FY27)
Detailed performance metrics for key malls:
- Phoenix Palladium Mumbai: Consumption Rs. 682 cr (↑ 17%), Rental Income Rs. 120 cr (↑ 6%)
- Phoenix MarketCity Bangalore: Consumption Rs. 542 cr (↑ 19%), Rental Income Rs. 61 cr (↑ 25%)
- Phoenix Avenue of Stars, Pune: Consumption Rs. 509 cr (↑ 21%), Rental Income Rs. 60 cr (↑ 16%)
- Phoenix MarketCity & Palladium Chennai: Consumption Rs. 479 cr (↑ 16%), Rental Income Rs. 64 cr (↑ 10%)
- Phoenix MarketCity Mumbai: Consumption Rs. 363 cr (↑ 18%), Rental Income Rs. 50 cr (↑ 11%)
- Phoenix Palassio Lucknow: Consumption Rs. 355 cr (↑ 19%), Rental Income Rs. 40 cr (↑ 8%)
- Phoenix Mall of Asia Bengaluru: Consumption Rs. 777 cr (↑ 68%), Rental Income Rs. 73 cr (↑ 44%)
Office Portfolio Performance
As of September 2026:
- Total leasable area: 4.77 msft
- Leased occupancy: 79%
- Established assets (Mumbai, Pune): 83% occupancy
- New assets (completed 2025): 77% occupancy
Q2 FY27 Office Performance:
- Total Income: Rs. 89 crore (↑ 64% YoY)
- EBITDA: Rs. 56 crore (↑ 61% YoY)
H1 FY27 Office Performance:
- Total Income: Rs. 163 crore (↑ 55% YoY)
- EBITDA: Rs. 98 crore (↑ 47% YoY)
Hospitality Performance
The St. Regis, Mumbai (Q2 FY27):
- Total Income: Rs. 128 crore (↑ 13% YoY)
- Operating EBITDA: Rs. 56 crore (↑ 13% YoY)
- EBITDA Margin: 44% (flat YoY)
Courtyard by Marriott, Agra (Q2 FY27):
- Total Income: Rs. 9.6 crore (↑ 9% YoY)
- Operating EBITDA: Rs. 0.2 crore (↓ 37% YoY)
- EBITDA Margin: 3% (↓ 2 pps YoY)
Residential Business Performance
H1 FY27:
- Gross Sales: Rs. 147 crore
- Collections: Rs. 136 crore
- Revenue Recognized: Rs. 62 crore
- Average Sales Price: Rs. 37,300 psf
Project-wise Status:
- One Bangalore West: Cumulative sold area 1.78 msft, sales value Rs. 2,070 cr
- Kessaku Bengaluru: Cumulative sold area 0.92 msft, sales value Rs. 1,803 cr
- Ready to sell inventory: ~0.13 msft
- Inventory under planning: ~0.66 msft (OBW Towers 8, 9)
- Inventory under design: ~1.00 msft (One Belvedere, Kolkata)
Debt and Liquidity Position (as of September 30, 2026)
- Group Gross Debt: Rs. 6,117 crore (↑ Rs. 953 cr vs March 2026)
- Group Liquidity: Rs. 2,638 crore (↑ Rs. 634 cr vs March 2026)
- Group Net Debt: Rs. 3,479 crore (↑ Rs. 319 cr vs March 2026)
- Cost of Debt: 7.66% (241 bps spread over Repo)
- Net Debt/EBITDA: 1.2x (same as Mar-26)
Growth Projects and Expansion
New Retail Developments:
- Thane: Retail GLA ~1.30 msft (Phase 1) - Excavation commenced
- Coimbatore: Retail GLA ~1 msft - Excavation commenced
- Chandigarh: Retail GLA ~1.70 msft (Phase 1) - Excavation commenced
- Bangalore Expansion: Phase 3 adding retail, office, hotel - Approvals secured
ISMDPL Acquisition:
- 100% ownership consolidation of ISMDPL platform
- Consideration: ~Rs. 5,449 cr, payable over 36 months in four tranches
- Tranche 1 completed Nov-25, Tranche 2 on track for Nov-26
- Platform includes 4.4 msft retail and 2.2 msft office plus expansion
Additional Information
- During Q2 FY27, PML paid Rs. 12 crores for settlement of a matter relating to one of its subsidiaries
- The presentation includes detailed annexures with asset-wise performance metrics for all 12 retail assets
- Operating Free Cash Flow (H1 FY27): Rs. 1,215 crore (↑ 22% YoY)